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FINANCIAL HIGHLIGHTS |
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52 weeks to 28 July 2013 Before exceptional items |
52 weeks to 28 July 2013 |
Excluding week 53 |
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Ÿ Revenue £1,280.9m (2012: £1,197.1m) |
+7.0% |
+9.3% |
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Ÿ Like-for-like sales |
+5.8% |
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Ÿ Operating profit £111.3m (2012: £107.3m) |
+3.7% |
+6.0% |
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Ÿ Profit before tax and exceptional items £76.9m (2012: £72.4m) |
+6.3% |
+8.8% |
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Ÿ Earnings per share (excluding shares held in trust) 46.8p (2012: 41.3p) |
+13.3% |
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Ÿ Earnings per share (including shares held in trust) 44.8p (2012: 39.8p) |
+12.6% |
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Ÿ Full year dividend 12.0p (2012: 12.0p) |
Maintained |
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After exceptional items |
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Ÿ Operating profit £91.5m (2012: £93.8m) |
-2.5% |
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Ÿ Profit before tax £57.1m (2012: £58.9m) |
-3.0% |
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Ÿ Basic earnings per share 38.3p (2012: 35.6p) |
+7.6% |
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Commenting on the results, Tim Martin, the chairman of J D Wetherspoon plc, said:
"I am pleased to report another year of progress, with record sales, profit* and earnings per share*, despite having paid £551.5m in taxes during the year (equivalent to £632,000 per pub) and rewarding staff with £28.6m of bonuses. Our post-tax profit* increased by £7.9m, yet our taxes paid increased by £32.2m.
"It is unsustainable to have far higher taxes for the pub industry than those for supermarkets. Already, 10,000 pubs have closed and many others are suffering, through insufficient investment. In particular, there should be VAT equality for pubs, restaurants and supermarkets. Wetherspoon, along with many other pub and restaurant groups, is supporting Jacques Borel's VAT Club on Tax Parity Day (Wednesday 25 September) - and we will offer a one-day 7.5% reduction in our prices, to publicise this inequality.
"In the year, we successfully concluded the long-running series of legal cases, following the successful Van de Berg judgment, receiving out-of-court settlements of £1.25m from Anthony Lyons, formerly of Davis Coffer Lyons, and £400,000 from Jason Harris, formerly of First London. Both Mr Lyons and Mr Harris denied liability - and the cases were contested.
"In the six weeks to 8 September 2013, like-for-like sales increased by 3.6%. In the last fortnight, like-for-like sales were 2.5% - and this level may be an indicator for future sales growth. Overall, the company is aiming for a reasonable outcome in the current financial year."
